Second Mortgage

jimba1

Hi there,
I need some advice on changing my mortgage.
2 years ago, I bought my first little flat on a 5 year fixed rate mortgage.
I'm now in a position where I'm earning more money and want to buy a house. If I want to keep my current flat as an investment and rent it out, can I change the mortgage to a buy to rent or interest only and then take a standard mortgage out on the new property.
This may not be feasable as I hear that buy to rent mortgages are much higher interest rate?
Has anyone else had any experience with this. It may be a dangerous plan and lenders will not allow this.

Thanks.

_Andy_

Possibly yes. What's the property value of the one you want to rent out and the mortgage remaining?
Most importantly, what would the realistic rental value be?

jimba1

Thanks Andy,

I've paid 2 years off a 77k mortgage. This was done on a 100% lending.
The property has probably made about 8k.
I could probably just about pay the mortgage with rent received. I may have to pay a little into it if interest rates go up.